HV and LHP Mark Opening of Morrisville Community Housing
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Rep. Lucy Leriche, Speaker Shap Smith and HV Board Chair Barbara Grimes |
Sometimes looks are not deceiving. On October 20 Housing Vermont and the Lamoille Housing Partnership (LHP) joined with Speaker of the House Shap Smith, community members and state officials to celebrate the completion of extensive renovations to five apartment buildings in Morrisville and Stowe where improved exteriors reflect substantial interior improvements.
“With the support of Senator Leahy, private investors and public agencies we were able to recapitalize and renovate five buildings so that they can provide quality, affordable housing for area residents long into the future,” said Michael Wickenden, LHP President.
The renovations focused primarily on improving energy efficiency and the durability of the buildings. The rehabilitation included repairing slate roofing and replacing asphalt shingles, improving insulation, installing new windows and heating systems, and upgrading apartment interiors.
The buildings are located at 81 and 93 Summer Street, 75 George Street, and 61 Cherry Street in Morrisville and 1621 Pucker Street, Stowe.
Senator Leahy secured a $142,000 special federal appropriation in cooperation with the Vermont Housing and Conservation Board for the redevelopment of the apartments.
Other financing sources for the $3.4 million total development cost came from equity invested by the Union Bank and Housing Vermont’s Green Mountain Housing Equity Fund and financing provided by Vermont Housing and Conservation Board, Vermont Fuel Efficiency Partnership (VFEP) and the Residential Energy Efficiency Program (REEP).
Nancy Owens, President of Housing Vermont, recognized the multiple funding sources needed to carry out this project.
“Nearly two-thirds of the funding came from investments by the Union Bank and the financial institutions which comprise our Green Mountain Housing Equity Fund: TD Bank, People’s United Bank, National Life, NBT Bank, Merchants Bank and Citizen’s Bank,” Nancy said. “Vermonters benefit because our banks and insurance companies continue to invest in our communities,” she said.
The Union Bank also provided a construction loan. Lakewind Construction was the general contractor and William Maclay Architects designed the renovations.
The 16 apartments include 3 one-bedroom, 9 two-bedroom, and 4 three-bedroom units. Rents range from $495 to $880 and include hot water and heat.